Middle-income Americans are fraught with worry about a range of financial issues, which often adversely impact their health, personal relationships and on-the-job performance, according to research by Massachusetts Mutual Life Insurance Co. (MassMutual). It's a negative feedback loop that new tools and education now available through the workplace can help break.
Overall, 37 percent of middle-income workers report feeling “not very” or “not at all” financially secure, while the majority (54 percent) describe themselves as “somewhat secure,” according to the MassMutual Middle America Financial Security Study (2017 MassMutual Middle America Financial Security Study). The internet-based research was conducted on behalf of MassMutual by Greenwald & Associates and polled 1,010 working Americans ages 25-65 with annual household incomes of between $35,000 and $150,000 and participated in making household financial decisions.
|Stress, anxiety, insomnia
Concerns about finances have tangible, negative repercussions for many people's health and personal relationships. Worries about money are blamed for causing stress by a majority of survey respondents while four in 10 say financial issues impede their social life and ability to do things with friends. Financial worries also make it difficult for a third to eat healthy, 27 percent report negative impacts on their marriage or romantic relationship, and 22 percent cite challenges in getting medical or dental care.
Those who worry about money at least once a week say their troubles cause a variety of health issues, including anxiety (51 percent), headaches (38 percent), insomnia or difficulty sleeping (35 percent), nausea or stomach issues (20 percent), and clenched jaw or grinding teeth (19 percent).
Money worries accompany many middle-income Americans to work. Four in 10 respondents (40 percent) say they worry about money at least once a week while on the job, the study finds. Half (51 percent) of Americans who are less affluent – those earning less than $45,000 – report bringing their financial concerns to work at least once a week and 20 percent do so daily.
Employers are increasingly viewing their employees' financial problems as a drag on productivity. Workers' financial problems and their associated health issues can increase employer costs for health care, disability leave, sick time and reduced presenteeism. More employers are asking for help in improving their employees' financial wellness, including more education about personal financial issues and other resources to help workers better manage their financial lives.
|MapMyBenefits
MassMutual is working with employers to attack those issues head on with MapMyBenefits, a holistic employee benefits guidance tool to help workers become more informed about their financial needs based on their circumstances (** Guidance may not be available for certain products. Guidance is based on MapMyBenefits assumptions and information provided by the employee and employer).
Within minutes, MapMyBenefits provides guidance to help employees prioritize their health care, protection and retirement benefits, and make the most of each benefit dollar based on their life stages, financial goals and financial situations. This all-inclusive approach to benefit planning at the workplace combines retirement readiness, healthcare coverage and preparation for life's unforeseen events.
The tool is available through financial advisors, third party administrators and benefits specialists who serve the retirement plan and employee benefits needs of employers and their employees. The MapMyBenefits platform includes benefits made available by an employer to employees, including products offered by MassMutual and other providers, including 401(k) and other defined contribution retirement plans, life, accident and critical illness insurance, Health Savings Accounts (HSAs) and others.
MapMyBenefits analyzes basic information provided by the employee and employer about his or her personal financial situation, including income and expenses, as well as current insurance coverage and retirement savings. Information about existing employer-provided coverage and employer-sponsored retirement plans such as 401(k)s can be preloaded into the tool's data bank. Employees are also asked about other coverages and retirement savings they may have outside the workplace.
MapMyBenefits generates a customized needs analysis and guidance about individual coverage and savings needs based on the information provided by the employee about his or her personal situation as well as information from the employer and MapMyBenefits Assumptions. In some instances, if an employee chooses not to enter personal financial information, MapMyBenefits can provide assumptions on personal financial obligations such as mortgage costs, college tuition or retirement income.
The analysis can vary widely based on the unique needs of each employee and his or her personal benefit planning goals. For instance, some employees may have a greater need for health care coverage but less of a need for retirement savings while other employees may need to increase contributions to their 401(k) to continue their lifestyles when they retire.
Given the prevalence of financial concerns among America's workers and the resultant distractions those worries can cause both at home and the workplace, employers may view MapMyBenefits as a tool that can potentially help boost employees' financial wellness and with it, their productivity.
To learn more, visit http://www.massmutualatwork.com/employers/mapmybenefits/ or call 1-855-877-6161.
Jon Shuman is leader of Workplace Distribution for Massachusetts Mutual Life Insurance Co. (MassMutual).
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